The Optimism Bridge
I read about Optimism Bridge sometime ago around the LeoFinance space and been wanting to give it a try but then I have been putting it off for weeks already. Today, I finally decided to get my hands on it, no more procrastination.
I found the bridge a very user-friendly especially for a beginner like yours truly. The UI is very simple and easy to navigate.
Before making my first transaction, I first checked which other protocols it supports for the withdrawal and I was glad to see that aside from its own bridge, it supports other bridges too like Hop Protocol, Synapse, Across cBridge by Celer and Connext. At least I was a bit familiar with the Hop Exchange having used it before so I didn't hesitate to do the bridge transaction.
My first transaction was bridging ETH from the mainnet to Optimism. And I was glad that the fees were at least very minimal. I have to actually wait for a while and check the rates before confirming the transaction. The initial fees on my first try was 0.0034ETH (over $6 at the current ETH price) and with an estimated processing time of 20 minutes. But I waited for some moments for the network to get less busy and voila, the fees dropped to 0.00079 ($1.55) with an estimated transfer time of 1 to 2 minutes. Of course I didn't hesitate and went in fast.
That was a fascinating learn for me today to be honest. I always feel unhappy with the ETH gas fees but today, it felt just okay.
I can say that I had the smoothest bridging experience through Optimism and won't hesitate to use it again.
Initially, I didn't have any plan on what I'm going to do with that ETH I just bridged on Optimism but I thought I would take half of it to Polygon and perhaps do something good out of it. The PolyCUB-WETH LP's APR is looking juicy at 94+%. But oh! The market is dwindling down even more!
And for those who didn't catch the latest update, the pSPS-PolyCUB LP went live on Polycub last night (my timezone) and the early players are now enjoying an APR of 107+%.
I'm curious, what other bridge applications have you used that are good and has minimal fees? Hope to read them on the comment box below. Thank you :)
Photos are screen captures from Optimism and Polycub. No copyright infringement intended. 190522/11:15ph
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Wow, I might have to revisit getting my ETH moved while transaction fees are affordable!
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Yes, the fees are a lot cheaper this time. I have been checking before and the same transaction I did today would have cost me $36 weeks ago
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I think I have been missing alot ,the Apr is it also every month
It was just deployed so you didn't really miss it hehe. And no, the APR is annually not monthly.
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But the rewards/earnings are claimable without any penalty every 30 days.
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Thanks so much for this informative post
When you bridge the ETH to the Optimism network you must interact inside the Optimism network. Is this correct? For example you can't use the ETH on Optimism to interact with opensea.
Oh, I never really explored after bridging. But upon checking now, I think you are right. Opensea can only connect with my MainNet ETH and Polygon wallets.
It can interact with other DeFi chains like Uniswap, 1inch and many others though.
https://www.optimism.io/apps/defi
I think there will be some airdrops on Optimism. Check it.
Thank you :) My address isn't eligible on the first airdrop hehe. Will see if there are any upcoming.
The Optimism bridge is equivalent with the Ethereum Virtual Machine, not just compatible. This means it must have been a smooth sailing ride using the bridging app .
Yes, it was a nice experience with Optimism bridge. And the transfer happened within seconds which is so good.
Ethereum is known for high gas fee but glad to hear that in your case the fee wasn't that high.
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It is. I have been checking before and the fees were just too high. Maybe the gas fees now are cheaper because not many are transacting.
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Lol. Good move by users :D
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Haha, because prices are down so most might be just hodling their ETH
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May be :)
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Many thanks :) I appreciate this a lot :)
Cheers!
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